“You’re starting to see that collapse in property and it’s going
to hit the banking system,” said Rogoff, 57, who also serves on
the Group of 30, a panel of central bankers, finance officials
and academics led by former Federal Reserve Chairman Paul
Volcker. “They have a lot of tools and some very competent
management, but it’s not easy.”

Meanwhile, we're still waiting the official pricing of the
Chinese Agriculture Bank IPO, a potential measure of Chinese bank
and property confidence.

Agricultural Bank of China Ltd. will likely price shares today in
an initial public offering that may raise as much as $20.1
billion, two people with knowledge of the matter said.

China’s largest bank by customers is selling 25.4 billion shares
in Hong Kong at HK$2.88 to HK$3.48 apiece, and an additional 22.2
billion in Shanghai at 2.52 yuan to 2.68 yuan. Beijing-based
Agricultural Bank has said it expects to announce final pricing
tomorrow.